With net income of R$ 82 million in the 3rd quarter, Arezzo denies agreement with Soma

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Arezzo released on Thursday (4) results above market expectations. The company registered net income of BRL 82 million in the third quarter, an increase of 193% compared to the same period in 2020.

The news of a move to buy the Soma Group – owner of Animale, Farm and Hering – made the company disclose a relevant fact to the Brazilian Securities Commission (CVM) denying the transaction.

In a conference call, the president of Arezzo, Alexandre Birman, reiterated that the company did not sign a business proposal or hire financial advisors. “Our focus is on organic growth, with expansion of our brands, but (…) we have a series of interactions with companies of all sizes”, he said.

For BofA, the business combination between Soma and Arezzo could make the company the “dominant Brazilian force in luxury women’s clothing, shoes and accessories”.

For Citi, such a deal would be complex. “Soma is handling the integration of Hering, while Arezzo has its own hands full with organic operations.”

Reference: CNN Brasil

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